According to report published by Grand View Research, Global Apheresis Equipment Market size was valued at USD 1,395.9 million in 2015 and is expected to reach USD 3,732.6 million in 2024, growing at a CAGR of 11.5% during the forecast period.

The Global Apheresis Equipment Market is expected to reach USD 3.7 billion by 2024, according to a new report by Grand View Research, Inc. The apheresis equipment industry is expected to be impacted by factors such as rising demand for plasma, platelets and other blood components, increasing incidence of chronic illnesses, presence and development of ideal reimbursement policies across various regions, and supportive government initiatives.

The U.S. Federal Government has been very involved in the funding of apheresis research through its benefit programs such as Medicare, Medicaid, veterans’ health administration military and employee insurance programs. Medicare provides coverage for apheresis regardless of whether the procedure is performed in a hospital or a blood center. In addition, private insurers have recently begun to closely examine apheresis procedures and issue policy statements pertaining to coverage.

Growing incidence of blood related disorders leading to the rise in demand for platelets and plasma is expected to serve the market as a high impact rendering driver. The industry is also expected to be driven by technology innovations aimed at delivering relatively more effective and faster results. Healthcare practitioners and researchers are now in the need for devices requiring minimum human intervention and introduction of fully automatic apheresis equipment with enhanced displays is expected to improve usage rates.

Disposable apheresis kits are anticipated to dominate the product segment by 2024. Bulk volume purchase associated with these products is predicted to govern their growth.A single cycle of apheresis procedure consumes multiple disposable sub parts which is responsible for comparatively larger market volume as compared to apheresis machines.

Another procedure expected to gain lucrative share is erythrocytapheresis. The procedure also finds application in blood donation procedures where it is widely used for separating two units of blood, known as double red cell apheresis. Rising incidence rates of genetic disorders such as sickle cell anemia is expected to drive market growth by widening the patient base.

Asia Pacific is anticipated to witness the fastest growth over the forecast period. Presence of high unmet needs and rapidly increasing demand for platelets in the emerging Asia Pacific and Latin American markets is expected to serve this market as future growth opportunities. For example, in July, 2014, India witnessed a rapid rise in demand for platelets owing to an increased incidence rate of dengue.

For instance, in March 2014, Therakos, Inc., signed an exclusive distribution agreement with Terumo BCT, wherein Terumo would be the sole supplier of UVAR XTS and THERAKOS CELLEX in the Latin American region. Countries such as Mexico, Argentina, Peru, Colombia and Uruguay would be under purview.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.